Dealer gamma exposure (DTE≤7), zero-gamma flip level and gamma-weighted call / put walls.
| Symbol | Spot | Net GEX ($B per 1%) | Regime | Zero-gamma flip | Call wall | Put wall | Pin |
|---|---|---|---|---|---|---|---|
| QQQ | $722.18 | +0.60B | Dealers long gamma | $715.98 (spot above) | $725 +0.39% · OI 2,409 | $720 -0.30% · OI 2,738 | $720 |
| SPY | $769.95 | -0.28B | Dealers short gamma | $770.41 (spot below) | $771 +0.14% · OI 4,302 | $765 -0.64% · OI 5,098 | — |
Positive gamma: dealers sell rallies and buy dips, damping moves. Negative gamma: dealers chase, amplifying moves.
Walls are gamma-weighted, not raw OI. 503-day test: a NEAR call wall is real resistance and breakouts through it run shorter; a FAR call wall breaks more often (a volatility tell). Put walls show no measurable support.
DTE≤7 · Walls use the front expiry · post-close snapshot
Full report: Morning report · Evening report
Research output, not investment advice.